Latest news with #executiveCompensation
Yahoo
06-07-2025
- Business
- Yahoo
Anger as Nationwide refuses members a binding vote on boss's 43% pay hike
Nationwide is under fire for refusing to give members a binding vote on a 43% pay rise for its chief executive, Debbie Crosbie, that could mean her pay package reaches up to £7m. Campaigners say it leaves the building society's members with fewer rights than shareholders of listed UK banks and exposes a worrying 'loophole' in building society rules. Nationwide says that after its £2.9bn takeover of Virgin Money, Crosbie's pay should compete with that offered by banks such as Lloyds and NatWest. However, the board is offering members only an 'advisory' vote at its annual general meeting (AGM) on 25 July, meaning there are no repercussions if they reject it. Related: Virgin Money mortgage holders cry foul over owner Nationwide's better deals Large high street banks are required to hold a binding vote on their pay policies at least once every three years, under laws governing large businesses listed on the London Stock Exchange. If shareholders reject the policy, they have to revert to the old pay plan and put a revised pay deal to shareholders within 12 months. Nationwide could do the same, but said it is already going further than required under the Building Societies Act, which requires binding votes only for the election of board members. A spokesperson said: 'As part of our commitment to member engagement and transparency, Nationwide voluntarily puts the remuneration policy to the membership on an advisory basis at the AGM and we currently have no plans to change this approach.' While Nationwide has never held a binding vote on pay, it has also never proposed such a large renumeration package for its chief executive, which could result in a record payout, up from £4.8m now to £7m. That is close behind NatWest Group, which in April secured backing for a package worth up to £7.7m for its chief executive, Paul Thwaite. Luke Hildyard, the director of the High Pay Centre thinktank, described the situation as a 'loophole in the governance of building societies'. 'Mutuals are supposed to have a more collective approach to business than corporate banks, but while the banks are required to revise pay policies that are rejected by a majority of shareholders, and provide a response to the stock market if more than 20% vote against, building societies can in theory ignore their members,' he said. 'The Nationwide case, where there may be significant discomfort with the huge pay out planned for the chief executive, highlights the need for the loophole to be closed.' Crosbie's £7m pay deal has angered some members. 'I'm a Nationwide customer and didn't know about this? Please send me a voting form immediately,' one posted on X. 'Building societies are supposed to be the good guys. The apple has fallen far from the tree,' another said. Sara Hall, the co-executive director at the campaign group Positive Money, said Nationwide 'hiking its chief executive's pay because that's what the big banks are doing would be completely at odds with what building societies are supposed to stand for'. The move is 'counterintuitive for an institution whose main selling point is putting its customers before shareholders', Hall added. A Nationwide spokesperson pushed back against the criticism, saying its pay proposals – although advisory – 'always received overwhelming member support'. 'Any suggestion that we would ever ignore a vote against it is simply ridiculous. We always consider their views and at the last AGM over 94% of votes were in favour of the proposed remuneration policy,' they said. 'Nationwide delivered record member value last year, we are still first for customer satisfaction among high street banks, and more people switched their current accounts to Nationwide than to any other brand. 'We have managed this because we can attract, retain and motivate talented leaders. Even after the changes that are being proposed at the AGM, Nationwide's chief executive will still be paid substantially less than the other large banks.'
Globe and Mail
22-05-2025
- Business
- Globe and Mail
LEADING INDEPENDENT PROXY ADVISORY FIRMS RECOMMEND GALIANO GOLD'S SHAREHOLDERS VOTE FOR ALL PROPOSED RESOLUTIONS
VANCOUVER, BC , May 22, 2025 /CNW/ - Galiano Gold Inc. ("Galiano" or the "Company") (TSX: GAU) (NYSE American: GAU) is pleased to announce that both Institutional Shareholder Services Inc. ("ISS") and Glass Lewis and Co., LLC ("Glass Lewis") have recommended that Galiano's shareholders vote FOR all of the proposed resolutions that will considered at the Company's Annual General Meeting of Shareholders (the "Meeting"), which will be held virtually on Thursday, June 12, 2025 at 10:00 a.m. (Pacific Time) . ISS and Glass Lewis are two leading independent proxy advisory firms that, among other services, provide voting recommendations to pension funds, investment managers, mutual funds and other institutional shareholders. Galiano Gold Inc.'s Annual General Meeting of Shareholders The Meeting will be held online at for the following purposes: To fix the number of directors to be elected at eight; To elect directors of the Company for the ensuing year; To re-appoint the auditor of the Company for the ensuing year and to authorize the directors to fix the auditor's remuneration; and To authorize and approve a non‐binding advisory resolution accepting the Company's approach to executive compensation. Galiano shareholders are encouraged to read the meeting materials in detail and cast their votes prior to the proxy voting deadline. Copies of the meeting materials are available under Galiano's profile on SEDAR+ at and under the "Investors" section on Galiano's website at YOUR VOTE IS IMPORTANT – PLEASE VOTE TODAY The Board of Directors UNANIMOUSLY recommends that shareholders vote FOR all proposed resolutions that will be considered at the Meeting. The proxy voting deadline is at 10:00 a.m., Pacific Time , on Tuesday, June 10, 2025 How to vote Galiano shareholders can vote their shares using the following methods: Voting for Registered Shareholders (shares represented by a physical certificate or DRS Statement) Internet – Go to enter your 15-digit control number found on your form of proxy and vote your shares. Telephone – Call 1-866-732-8683, enter your 15-digit control number and follow the interactive voice control instructions to vote your shares. Voting for Non-Registered/Beneficial Shareholders (shares held with a broker, bank or other intermediary) Internet – Go to enter your 16-digit control number found on your voting instruction form ("VIF") and vote your shares. Telephone – Call the toll-free number listed on the VIF, enter your 16-digit control number and follow the interactive voice control instructions to vote your shares. Shareholder Questions Galiano's shareholders who have questions about the Meeting or the Meeting resolutions can contact the Company's strategic shareholder communications advisor and proxy solicitation agent, Laurel Hill Advisory Group, by telephone toll-free at 1-877-452-7184 in North America or 1-416-304-0211 for international calls or by e-mail at assistance@ About Galiano Gold Inc. Galiano is focused on creating a sustainable business capable of value creation for all stakeholders through production, exploration and disciplined deployment of its financial resources. The Company operates and manages the Asanko Gold Mine, which is located in Ghana , West Africa . Galiano is committed to the highest standards for environmental management, social responsibility, and the health and safety of its employees and neighbouring communities. For more information, please visit
